Choosing to be a stay-at-home parent does not need to translate into giving up on your professional goals. Starting a home-based business will allow you to have the best of both worlds: taking care of your child and earning a steady income. While the prospect of running a business may sound challenging at first, as this article by Being Wela will explore, not only is it possible, but it also allows you to monetize the things you love to do the most.
Best Home Based Business Options
If you have a penchant for teaching, look to start a tutoring business. While you can start with teaching students in your locality, by leveraging online tools you could expand the business to students across the country. The key to becoming a successful tutor will include:
- Having good educational credentials
- Strong command over the subject matter
- Good communication and problem-solving skills
When it comes to pricing, the options are to charge a flat fee for a set number of classes or work on a per-hour basis.
While being similar to the previous idea, this will allow you to tap a completely different market. In addition to English, being fluent in a foreign language such as German, French, Spanish, Italian, etc. will help to expand your client base further. As reported by Masters Portal, thousands of American students opt to study in European countries, where knowing the local language can help gain scholarships and increase work opportunities. Along with students, you can cater to new immigrants looking to learn English and individuals who are self-motivated to learn a new language.
Becoming a dog walker will help you serve working parents in the community. As reported by the Shot Spot, walking is an integral part of a dog’s daily routine, allowing them to be mentally and physically fit.
Being a pet owner or having previous experience caring for pets will help establish credibility and land clients. Additionally, you can diversify your offerings by including other services such as feeding, bathing, and housing pets for longer periods if needed.
Become a Host
If you have additional rooms in your home or a modified garage, leasing it can help you earn a steady monthly income. Rentals are popular among students and working professionals who often rent spaces for a short term. Being listed on platforms such as Airbnb and Homestay will allow you to advertise your property to thousands of customers. Moreover, you can list your property on other platforms such as Craigslist, and Facebook marketplace.
The rate you charge will depend on the location. Being close to the city will allow you to demand a higher rate. Additionally, as you will be living on the property, it makes it easier to manage bookings, provide service and maintain the rooms.
Set Up Your Business
Regardless of the idea you choose, here are some common steps to take for launching your home-based business.
- Create a Plan: The idea of a business plan is to flush out your goals and expectations regarding the business. It should include information about target customers, problems you seek to solve, and how to perform differently than competitors.
- Register Your Business: Running your business as a sole proprietorship leaves you open to the dangers of litigation. To protect your personal finances and assets from business-related disputes, establish a Limited Liability Company (LLC). Additionally, an LLC will make you eligible to pay lower taxes and use business expenses as write-offs.
- Focus on Branding: Often LLCs are registered under a person’s name, such as Ryan Bran LLC. To give your business a unique identity, and have a name that reflects your products/services, register a Doing Business as (DBA) name. A DBA is essentially a brand name that helps customers recognize your business and increase awareness.
The keys to running a successful home-based business are to choose an idea allowing you to leverage your skills, focus on your community to build a customer base, and use technology to manage and expand your services.
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